Shaken, but not stirred?

Senate Banking Committee Chairman Christopher Dodd said it may be necessary to nationalize some banks for a short time as Citigroup Inc. and Bank of America Corp. tumbled today on concern the U.S. may take over both banks.

“I don’t welcome that at all, but I could see how it’s possible it may happen,” Dodd said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” to be broadcast later today. “I’m concerned that we may end up having to do that, at least for a short time.”

Goldfinger do you expect me to talk?

No Mr. Bond....I expect you to die.

Nostrovia,

Christopher Cox of the SEC is sure keeping a low profile.......the walk of shame

I guess Chuck Prince is still dancing.

Gosh, I had a flash of what "Bond Market" could mean in a post-crash dystopia...

--bh

Ken Fisher's new book: The 9 Trillion Mistakes Investors Make

The Wright Model B financial forecasting unit - never lets you down. Get yours today!

MS writes:
how do you nationalize for a "short period of time"?

Answer= You don't

Mini-quasi-pre-intermediate-nationalization?

--bh

Alybaba:

You do know your Internet, esp. email, and cell phone are being checked.
nova | Homepage | 02.20.09 - 1:04 pm | #

Oh I'm aware - I'm a prime candidate - 18-30, with nuclear family in Pakistan, get a lot of calls from Dubai and Pakistan, visit once to twice a year.

However, my interrogation was rather funny at the end of the day, since I had been drinking on my flight and was clearly reading a Rushdie book. They recommended that I consider working for the US Gov't for DHS or State Department once I was eligible for US citizenship.

Hal

I just want access to it at all times. I keep an open ended ticket to Pakistan "just in case".

LIBOR is a survey......just so you know.

It's worthless.....

Ciao
MS

On copper. Regarding printed circuit boards, copper is a huge factor, all plating on power planes and hole walls....might sell some glod and buy some copper.....thanks rich!

girlbear/rich/in general,

Do you really see hardware refresh to justify buying copper that goes into circuit boards to raise the price of copper in the next 2-5 years?

Seriously? Follow Intel and AMD and tell me their ramping up production of boards for the next few years.

Respectfully.

--bh

They recommended that I consider working for the US Gov't for DHS or State Department once I was eligible for US citizenship.
alybaba
.
My family has worked in intel for a couple of generations now. It's not a bad life. However, it's like that song Hotel California. Once you join 'The Company' you can never leave.

LIBOR is a survey......just so you know.

Ciao
MS
MS | 02.20.09 - 1:18 pm | #

Actually, it's better described as a metric, computed from the results of a survey.

ok this is getting rather serious today...

any ideas where this ends today?

Electronic bank runs in progress?

It's like radiation. You can't see it, but it is deadly for your wealth.

girlbear/rich/in general,
Do you really see hardware refresh to justify buying copper that goes into circuit boards to raise the price of copper in the next 2-5 years?
Seriously? Follow Intel and AMD and tell me their ramping up production of boards for the next few years.
blackhat | 02.20.09 - 1:20 pm | #

Tech uses of copper are nothing compared to industrial uses; autos, home building, etc.  Those demands don't look to be coming back anytime soon.  Additionally; Copper at this point is almost a waste product of the gold miners looking for more shiny yellow. 

I have $4.86 in my bank account right now.

In the interest of full disclosure.

I'll go out on a limb and say that we'll recoup most of this once the markets open...not quite green, but say down 60-90 pts.

BTW...I know NOTHING! And I hope I'm wrong, honestly.

So, I think back to the Vid that CR had up with the CNBC folks asking Taleb and the other guy where the bottom was and what indicators they were looking at.  For the CR reader, this new market low stuff was a real possiblity and we are more or less mentally prepared for the possiblity.

I wonder what the average CNBC fan is thinking?  What is Cramer going to say?  Mustard seeds?

Comrade Janosik writes:
ok this is getting rather serious today...

any ideas where this ends today?

thread music

YouTube - Dr. Strangelove 

The euro rise is ridiculous......like I said in the previous thread....lemmings. They don't know anything else other than "let's buy the perception of less shittier than the dollar".....

Ciao
MS

Bonds: That why in Nov I was loading up on HIO - this market always unthaws, takes time and lots of junk appears..but it does claw its way back

rich - hear ya on copper. I like plastics...lots of supply being shuttered (for good like 30 y/o ineffecient plants)

" Interesting Times writes:
B-bye 1997...

Hello 1987...
Interesting Times | 02.20.09 - 1:22 pm | # "

Brings back memories. In '87 I was dating a 40-something millionare who'd been an officer of the NYSE at one point. She stayed up all night watching news coverage of the crash and recovery and told me, "The stock exchange is the biggest con game the world has ever seen."

I never bought much stock after that.

The day Citi turned Shiti
DOW36000 | 02.20.09 - 1:26 pm | #

Anyone have the CNBC clip where (I think it was) Erin Burnett actually slipped and called it that?

They don't know anything else other than "let's buy the perception of less shittier than the dollar".....
MS | 02.20.09 - 1:26 pm | #

And it could actually be way shittier than the USD. 

Poor Japan however... This is going to crush them... (I think the Yen is going to strengthen...)

Buffet is doing silly things and buying in this market because since he decided to give the money away, its OPM at this point

well said girlbear.

--bh

I still wish all assets prices fell this fast...

The actual value is of course 0.
cnbc | 02.20.09 - 1:26 pm | #

LESS THAN ZERO

I saw a GE web page recently (no link) where they were trying to sell their bonds to retail customers for about 3% yield, when non-retail gets a much higher rate. I suppose the yield is higher than a CD, so attractive, but caveat emptor.

Next week?
Next month?
alybaba | 02.20.09 - 1:28 pm | #

Tonight?

"Comrade Janosik writes:
ok this is getting rather serious today...

any ideas where this ends today?
Comrade Janosik | 02.20.09 - 1:22 pm |"

I'm rooting for a 6 handle at the close.

Common IRA/401K holder. Get out of the water. Preserve what's left of your capital before it's too late...

queue shark music...

Before I jump in, can I haz more yeeld, please?
kurtyboy

Wait 'bout 6 months when USTs shoot up

Hello 1987...
Interesting Times | 02.20.09 - 1:22 pm | #

I remember Black Monday. The traders looked just like that painting The Scream

You can't eat gold. I'm still long firewood, topsoil, fertilizer, and garden tools.

I used to joke about it, but this year, I think this is really where I'll be putting my money. Anyone else heavy into tangibles?

If housing did, this would all be over by now.
Blackhalo | 02.20.09 - 1:35 pm | #

Screw a house! I want a recent 52 foot Yacht at '87 prices!

Jumbo Loan Defaults Rise at Fast Pace as Rich Suffer

Jumbo Loan Defaults Rise at Fast Pace as Rich Suffer (Update3) - Bloomberg.com

c @ 1.60?

"Margin clerks told to stop."

What does that mean?

Holding gold miner stocks from 4 years ago. When do I sell?
Tim and Mr Potatoe Head | 02.20.09 - 1:33 pm | #
-----
1)  How much of a gain/loss will you realize?
2)  Once you get out, what are you going to do with that money?

You can't eat gold. I'm still long firewood, topsoil, fertilizer, and garden tools.

I used to joke about it, but this year, I think this is really where I'll be putting my money. Anyone else heavy into tangibles?
The Notorious A.I.G. | 02.20.09 - 1:36 pm | #

Yup. Capitalizing my infrastructure. I can grow most of my own food now. And preserve it to have all year, on or off grid.

It must be nice to have such a casual lunch when the entire banking system is melting down.
NYCityBoy | 02.20.09 - 1:35 pm | #

That banking system was pretty hell bent on going down on thier own.  It now looks like these guys are just ending the misery,

Bank Blood Run writes:
Rumor on floor;

Margin clerks told to stop

stop what?

At a senior leadership meeting yesterday, Bank of America CEO Ken Lewis told bank leaders (according to a source in the room) that government officials have assured him that nationalization "isn't on the table."

friggin lewis shootin his mouth off. he is gonna be talkin at the green table on sunday.

yagij Basically up 20-30% didn't get out at the tops. Go into Cash literally with some into PMS maybe 10%. Its a huge chunk of change and I don't know how long the divergence btwn gold stocks and Dow will last.
Tim and Mr Potatoe Head | 02.20.09 - 1:40 pm | #
-----
Sounds like a plan to me.  Cash in hand now is a good position to sit. 

seems some have joined in C....for the time being.

I think that if there was any real threat of nat. the share price would be well below $1 by now. Why wouldn't it be?

Ciao
MS

how do you nationalize for a "short period of time"?

Ciao
MS
MS | 02.20.09 - 1:16 pm | #

Didn't the Swedish do so, in the 90s?

I just want access to it at all times. I keep an open ended ticket to Pakistan "just in case".
alybaba | 02.20.09 - 1:17 pm | #

I'll bet that part really "interests"  the "authorities".  Good luck

ot in the same "short period of time" that Dodd wants us all to believe.

Sure it was a relatively short period of time however if you lived in Sweden during that time frame it wasn't short.

This is not Sweden too....it's much bigger and much worse.

Ciao
MS

Given what is going on in Switzerland are my Swiss Francs toast?

Comrade Misean is Dope writes:
Thread music.

Nostrovia,

You mean this Bond music .....

YouTube - Goldfinger

As others have said, if an ETF goes bust, you have nothing but scrip.
yagij | 02.20.09 - 1:22 pm | #

Posession is 10/10 of the law.